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01.11.202307:12 Forex Analysis & Reviews: Elliott wave analysis of Crude Oil for November 1, 2023

Exchange Rates 01.11.2023 analysis

Crude oil continues to follow the expected path lower. Yesterday, the instrument broke below the former low of wave A at 81.50. This confirms that more downside pressure should be expected in the coming days as crude oil aims for a test of support in the 75.63 - 79.34 area.

Short-term we see resistance at 83.53 which ideally will cap the upside for more downside pressure towards 79.34.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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